Western National Acquires Allure Apartments for $38.1M

Western National Realty Advisors acquires community for $38.1 million; NAI Tampa Bay represents buyer on lened-owned purchase; and CB Richard Ellis negotiates $970K sale of apartments.

Allure at Camarillo

Camarillo, Calif.—Western National Realty Advisors has acquired a 165-unit apartment community in Camarillo, Calif., which was renamed “Allure at Camarillo.” The property was purchased from a Los Angeles based pension fund advisor for $38.1 million through Western National Realty Fund II LP.

“This property was of interest to our firm because it is a core property, fairly new construction and is located in a market with high barriers to entry for competing properties,” says Rex DeLong, president of Western National Realty Advisors. “Camarillo provides a relaxed coastal lifestyle, yet residents have easy access to employment centers in Los Angeles’ San Fernando Valley just over the hill.”

Developed in 2003, Allure was 95 percent occupied at closing. The community consists of one- and two-bedroom floor plans that range up to 1,043 square feet. Amenities include a pool, outdoor fireplace, gated entry and covered parking.

Dean Zander and Vince Norris of Hendricks & Partners represented the seller. Western National represented itself.

NAI Tampa Bay closes lender REO asset

Tampa, Fla.–The NAI Tampa Bay Troubled Asset Optimization team represented the buyer on the purchase of the lender-owned Green Oaks Apartments, a 100-unit community in Tampa, Fla. The property was purchased for $2,350,000. In July 2006 it was sold for $5,366,000.

“We were familiar with this property and were able to bring in the perfect owner/operator for this challenging asset,” says John Burpee, president of NAI Tampa Bay. “Given the current state of the market, we consider this a win for all parties involved.”

The buyer was a local Florida investor. The seller was Dickenson Financial Corp., represented by Doyle & MacGrath Real Estate. Green Oaks consists of 68 one-bedroom units averaging 600 square feet and 32 two-bedroom units averaging 900 square feet.

CB Richard Ellis brokers $970,000 sale of apartments for $20,028/Unit

Cincinnati, Ohio–The Indianapolis-Cincinnati Multi-Housing group of CB Richard Ellis has negotiated the sale of the Twin Quail Apartments, a 48 garden-style unit apartment community in Cincinnati, Ohio.

The offering transacted at $970,000, or $20,208 per unit. The seller was Court-Appointed Receiver, Robert Wahlke, of Towne Properties AMC. The purchaser was Balanced Properties, a private Cincinnati-based investor, managed by Dan Vollmer.

The Twin Quail Apartments consists of four apartment buildings constructed between 1988 and 1989. Each building contains 12 two-bedroom, one-and-a-half bath units with individual electric heat and air conditioning. The amenity package included locked building entries with intercom systems, laundry facilities and storage in each building.

The Twin Quail Apartments are located at 2036, 2040, 2050 and 2056 Quail Court, in the City of Forest Park, a suburb 14 miles north of Cincinnati and the third largest city in Hamilton County, Ohio. The City of Forest Park provides residents with convenient access to Interstate 275 and proximity to Winton Woods County Park.

The Indianapolis-Cincinnati Multi-Housing Group has completed the sale of over $2 billion of multifamily property since 1994 and is currently marketing over $50 million in Ohio, Kentucky and Indiana.